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Benefits of Blockchain in IoT
It’s so rare to come across an outstanding combination like Blockchain and the Internet of things. ‘A kickass fusion’ is the phrase that comes to mind when I think about it. Well, I will start, as I always do, by offering a brief explanation of how blockchain and the internet of things work so that we’re all on the same page. The idea of combining the two techs is still foreign and intimidating to many. But slowly and steadily, things are changing, and it’s only the beginning of what’s possible. Blockchain is a sort of appropriated record for keeping up a changeless and carefully designed record of transactional data. Managed by computers belonging to a peer-to-peer (P2P) network, the tech successfully acts as a decentralized database. In a layman’s language, each one of the computers in the disseminated network keeps up a duplicate of the record to keep a single point of failure (SPOF), and all copies are updated and approved at the same time.
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